Binance Burns 16M BNB Tokens Converting ERC20 to Native BEP2

• In only 24 hours, the BNB price rose to $315, an almost 2% increase.
• Binance CEO CZ asked sceptics to refrain from spreading FUD.

On Sunday, Binance CEO Changpeng Zhao (CZ) said that the Binance team has burned more than 16 million BNB (ERC-20) tokens. Binance, a cryptocurrency exchange, is transitioning from the ERC20 token version of BNB to the native BEP2 token version following the BNB blockchain’s debut. In only 24 hours, the BNB price rose from $310 to $315, an almost 2% increase.

According to a tweet posted by Binance CEO CZ on January 29. The exchange plans to transfer/burn a significant number of BNB tokens in the next hours. Having seen these transactions on-chain, he asked sceptics to refrain from spreading FUD.

22nd Quarterly Token Burn Completed

Converting from the ERC20 token format to the native (BEP2) BNB format is tied to the burn. Binance has been converting BNB (ERC20) tokens for select holders since the debut of native BNB blockchains. About 16 million BNB (ERC20) tokens were recently deposited into a Binance wallet, the company said.

A burn transaction from the “Binance 8” wallet was verified on the Etherscan on-chain data on January 29 at 7:59 AM. The BNB Chain explorer also shows that 16,186,608 BNB coins were burned for a transaction cost of just 0.000075 BNB. These ERC20 BNB tokens will not count toward the quarterly burn or affect the total circulation of BNB if they are burned.

Binance’s 22nd quarterly BNB token burn occurred on January 17 and included the burning of 2,064,494.32 tokens. Using the Auto-Burn mechanism, Binance has successfully reduced the total quantity of BNB to 100,000,000. After the burn of 16,186,608 BNB tokens by the Binance team, the BNB price touched a high of $315.

Recommended For You:

Binance to Briefly Pause Tron (TRX) Deposits Amid Wallet Maintenance